PB Fintech Limited ( Policybazaar )
Headquarters- Gurgaon, Haryana.
Area served- India, UAE.
Key people- Yashish Dahiya, Alok Bansal, Avaneesh Nirja.
Number of employees- 4000 plus
Policybazaar, legally known as PB Fintech Ltd, stands as India’s leading fintech startup, a beacon of innovation and disruption in the insurance industry. Founded in June 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, Policybazaar has been instrumental in reshaping India’s insurance landscape. Headquartered in Gurgaon, Haryana, the company has made it its mission to provide consumers with convenient access to insurance, credit, and various financial products.
A Vision for Transparency and Trust
The journey of Policybazaar began when its founders recognized a gap in the insurance industry – the lack of information on insurance products, opacity in policies, high lapsation rates, and a general lack of consumer trust. To address these challenges, Policybazaar started by enabling consumers to compare different insurance policies. This marked the initial steps toward building a platform that would empower individuals to make informed financial decisions.
Evolution and Expansion
In 2015, Policybazaar took a significant leap by launching its mobile app for both Android and iOS users, enhancing accessibility for its customers. The company continuously expanded its services, becoming a one-stop marketplace for insurance policies. As of March 2021, Policybazaar had partnered with 51 insurers, offering over 340 insurance products, covering diverse categories such as term insurance, accident insurance, healthcare, home insurance, and travel insurance.
A Strong Foundation of Funding
Policybazaar’s remarkable journey has been fueled by substantial investments over the years. Here’s a glimpse of its funding milestones:
- 2008: Info Edge, the company behind the job portal Naukri.com, provided $6.9 million as seed funding for Policybazaar.
- 2011: The company raised $12.86 million in a venture round led by Intel Capital and Info Edge.
- 2013: Policybazaar secured $5 million in its third funding round, with Inventus Capital Partners, Info Edge, and Intel Capital as key investors.
- 2014: A Series C round brought $20 million in investment from existing backer Tiger Global Management.
- 2015: The company’s Series D round saw a significant boost with a $40 million investment, led by Premji Invest, the personal investment arm of Wipro Chairman Azim Premji.
- 2018: Policybazaar made headlines by raising $238 million in its Series F funding round, with Softbank and Info Edge as major investors.
- 2020: Softbank continued its support, investing an additional $130 million, increasing its stake in Policybazaar to 15%.
- 2021: Policybazaar maintained its momentum by raising $120 million in a funding round led by Falcon Edge Capital and other existing investors.
A Landmark IPO
In November 2021, Policybazaar embarked on a new chapter in its journey by launching an initial public offering (IPO) with the aim of raising ₹5,625 crore (approximately $700 million). The IPO garnered significant attention from investors and the public alike. Shares of PB Fintech Ltd, Policybazaar’s parent company, began trading on the National Stock Exchange and Bombay Stock Exchange on November 15, 2021.
Awards and Recognition
Policybazaar’s dedication to innovation and excellence has not gone unnoticed. The company has received numerous awards, including the IAMAI Indian Digital Awards for the best financial website in 2015, the Award for Best Mobile App Consumer Finance in 2015 by GSF Mobile Appies, and the CMO Asia Awards in 2015, among others.
Controversies and Challenges
While Policybazaar has achieved remarkable success, it has not been without its share of challenges. In early 2019, the company filed an intellectual property case against insurance companies Acko General Insurance and Coverfox Insurance Broking Private Limited for trademark infringement.
In May 2021, the Insurance Regulatory and Development Authority of India (IRDAI) imposed a fine of ₹24 lakh (approximately $30,000) on Policybazaar for violating norms related to SMS advertising.
More recently, in July 2022, Policybazaar faced a data breach, which led to the exposure of over 50 million user data records. Cybersecurity experts identified vulnerabilities in the company’s systems, raising concerns about data security.
Policybazaar’s journey has been marked by innovation, disruption, and a commitment to empowering consumers in the realm of insurance and finance. With a strong network effect, strategic partnerships, a capital-efficient model, and a high renewal rate of policies, the company is poised for a bright future. As the fintech landscape continues to evolve, Policybazaar remains a key player, driving financial inclusion and awareness in India.
Co-founder & CFO
Chief Operating Officer
Group Head Legal